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On December 21, 2017, the “China Blockchain Innovation Forum (Shenzhen)” was co-held by 8BTC, Bytom Blockchain and Dream Chaser Capital. The forum invited representatives from various background including venture investment institutions, financial institutions, law firms and blockchain start-ups. With the theme of “Blockchain Technology, Interconnection of Industries and Capital and Ecological outlook”, in-depth discussion was heatedly undergoing centering on venture investment in the area of domestic and foreign blockchain, legal regulation, exploration of advanced blockchain technologies, and industrial applications and implementation by keynote speeches and roundtable dialogues.

In the forum, the founder of 8BTC, Chang Xia, shared his brilliant opinion on “Parallel World of Blockchain – Blockchain Mirrors Internet”, and went back blockchain’s history, including digital currency, as one of the most mature applications of blockchain, strode forward rapidly from worthless at its birth in 2009 to the current worth of USD 600+ billion.

The advent of blockchain has also contributed to the “evolution” of asset, which have evolved from equity asset and securitized asset to “blockchainized asset”, with transfer mode evolving from transfer as a whole to splittable transfer and then infinite splittable transfer, and registry from centralized authorities, central servers and organ of authority to registry by public or private keys.

Next, Chang Xia elaborated on the hot issues about whether digital currency would be replaced by alternatives, why underlying blockchain protocol is more valuable, why mining, and the differences between transactions based on blockchain and Alipay. In his opinion, these issues essentially reflect the mirror relation between the atomic world and the bit world. For example, everything on the Internet is replicable, while on the blockchain network all transactions are recorded in chronological order, open and transparent and unchangeable, ensuring that everything in the blockchain network is the ONLY one, just as it is impossible to have two identical leaves in the real world. He finally mentioned the concept of “Bitcoin Days Destroyed”, which equals to the product of the transaction amount and the days of this amount’s receiving date and actual spending date. The traditional credit rating system is the mode of simply accumulation, and it’s easy to have the phenomenon of credit hype, which can be easily avoided by introducing the credit rating system of “Bitcoin Days Destroyed” based on blockchain.

Bytom Chain to Build an Ecology System with Mass Blockchain Innovation Programs

Since 2017, the blockchain industry has witnessed rapid growth and accelerated capital entry. At the same time, blockchain technology has combined with various fields, burst out innovative vitality and accelerated its cooperation with advanced technologies such as AI, Internet of things, big data and so on, as well as the applications in the field of financial services, food safety and cultural entertainment.

In China, blockchain technology has been included in the “13th Five-Year Plan” National informatization program. The momentum for the blockchain developing in China is in full swing, with a large number of prominent representatives emerging in the areas of financial infrastructure and services, identity verification, transaction settlement and digital currency wallets, and ecological construction being gradually completed. At this conference, as one of the highly anticipated sectors, the signing ceremony of Bytom Chain (domestic asset-specified public chain) and 10 eco-partners including Chuangke Blockchain, Shikongsuo, Qiandaodao is the highlight of this forum.

Bytom will work together with ecological partners who are engaged in different fields including Internet finance, sharing economy and cultural entertainment, etc. to make full use of everyone’s advantaged technical and resource, and establish long-term, strategic cooperative relations with them in the blockchain technology and its applications.

At the signing ceremony, Duan Xinxing, founder of Bytom Blockchain, said: “we are startup as an asset-specified public chain, and we are willing to work with our partners in an open mind to set out on the new journey. Wish all success.”